The Hanoitimes - Vietnamese steel producers are looking toward domestic hot-rolled coil (HRC) in order to avoid more anti-dumping duties that could be imposed by the US. Vietnam's steelmaker Hoa Sen Group has reached an agreement to purchase HRC from major Vietnamese integrated steel producer Formosa Ha Tinh (FHS) amid fierce competition, local media reported. Illustrative photo. HRC is a major raw material for the production of steel sheet and steel pile. In the first nine months of 2018, HRC import prices increased by 16% year-on-year, causing a decrease of 55% in Hoa Sen Group's profit to VND512 billion (US$21.99 million). Under this context, the deal is expected to improve the group's financial situation in 2019. According to Nhip Cau Dau Tu, Tran Duong, analyst at KIS Vietnam Securities Corporation, stated that an agreement to purchase HRC between FHS and Hoa Sen Group would temporarily relieve pressure on importing the product and keep a stable … [Read more...] about Vietnam’s steelmaker Hoa Sen to purchase hot-rolled coil from Formosa Ha Tinh
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Maybe due to poor business, Le Phuoc Vu, chairman of local steel giant Hoa Sen Group, has just announced to dissolve its trillion-VND tourism project in the northern province of Yen Bai. The Van Hoi Lake eco-tourism project. Source: yenbai.gov.vn Vu announced dissolving subsidiary Hoa Sen Van Hoi JSC, the developer of the Van Hoi Lake eco-tourism project in the province’s Tran Yen District due to the firm’s and the Yen Bai Department of Investment and Planning’s decision to halt the project. According to the plan, Van Hoi eco-tourism project is forecast to be constructed on a 1,346-hectare site, including a 10ha resort, 35ha eco-park, 77ha high-end urban and villa areas, and a VND1.2 trillion ($53 million) shopping mall and Hoa Sen Yen Bai Hotel. This is also the local steel giant’s first trillion-VND real estate, tourism, and service project. Hoa Sen Van Hoi was established in 2016 with 70 per cent of charter capital from its parent company Hoa Sen … [Read more...] about Hoa Sen drops out of real estate over poor results
A trade centre of a Hoa Sen Group subsidiary under construction caught fire, adding to the mounting debt problems of the corporation. The fire at the Hoa Sen Group project Fire damage at nearly $9,000 Hoa Sen Group has issued an announcement about the fire at its four-star complex including a trade centre, hotel, and event place at Nguyen Tat Thanh Street in the northern province of Yen Bai's Yen Bai city. Accordingly, at 2.20PM on September 23, a huge fire broke out from the basement and first floor of the project. Although the construction units complied with safety regulations, during welding works, the wind blew ash into the area where combustible material was kept on the first floor of the building, which resulted in fire. “Workers tried to bring the fire under control with fire extinguishers, sand, and water, but the wind was too strong and the fire spread too fast. They had to call the fire department for support. By 2.40PM the fire was extinguished. The incident … [Read more...] about Hoa Sen Group construction fire adds salt to injury
The consecutive decrease in profit makes it questionable whether domestic private Hoa Sen Group can develop the $10.6-billion Ca Na steel project in the central province of Ninh Thuan. Hoa Sen Group may not be able to develop the $10.6 billion Ca Na steel complex? According to CafeBiz, steel maker Hoa Sen Group has published a bleak financial statement for the first quarter of 2018 (the second quarter of the 2017-2018 financial year ending in September this year). Accordingly, the firm reported VND7.66 trillion ($336.5 million) in revenue, up 23 per cent on-year. However, its net profit was only VND115 billion ($5.05 million), one-fifth of last year’s figure. The firm’s after-tax profit was only VND87 billion ($3.82 million). The major reason for this plunge is due to the increase of expenditures, including interest payments for debts. Notably, the corporation’s short-term debt increased by VND3.6 trillion ($158.1 million) to VND16.24 trillion ($713.5 … [Read more...] about Bad performance spells doom for $10.6 billion Hoa Sen Group steel complex?
Hoa Sen Group to invest in property complex in Binh Dinh Hung Le HCMC – Hoa Sen Group is planning to develop a luxury mall, hotel and residential complex in Quy Nhon City, Binh Dinh Province, according to the province’s Investment Promotion Center (IPC Binh Dinh). Binh Dinh has allowed Hoa Sen Group to do a feasibility study and build an underground facility below the existing Children’s Park in preparation for development of the proposed project at 01 Ngo May Street in Quy Nhon. The project is located at a prime site in Quy Nhon’s central area overlooking Quy Nhon Beach. According to IPC Binh Dinh, the project will develop a 49-storey building with more modern architecture. The province has approved construction of an underground path connecting the project site and the beach. It also told Hoa Sen to upgrade the park by planting more trees, lawns and flowers and build minor works for public use as well. The investor cannot prohibit local residents from … [Read more...] about Hoa Sen Group to invest in property complex in Binh Dinh